We often like to hit the road to speak with everyday businesses to hear their exciting stories of growth. This week, Merchant Loan Advance chatted with Super Spokes, a bike shop based in Barnsley, South Yorkshire.
Setup in 2008 by brothers Anthony and Chris Beard, Super Spokes now has three shops across South Yorkshire, employing a total of 14 staff members. Things have been going well for the pair, but it certainly hasn’t arrived without effort. Chris explained to us how Super Spokes came to be:
“Anthony and I have always loved bikes. When we were kids we’d spend just as much of our weekend dismantling our bikes and putting them back together than we did ride them! The passion we had followed us into adulthood, and after much deliberation, we decided to go for broke and invest in some spall shop space to offer bike sales, maintenance and repair services”.
The first two years of Chris and Anthony’s exciting new venture were far from a fairytale, as Chris explained: “We knew that it was a risk. We setup shop just a year after the global financial crisis. Less people are able to afford leisure activities like cycling during times like that, but we persevered”.
Chris and Anthony knew that the demand was there, they just needed to find it. After researching online, Anthony came across the Merchant Cash Advance product. Anthony said: “We had a decent level of card transactions coming in monthly, and we needed finance, so when I saw this product I knew it fit well”.
Super Spokes applied for £5,000, using the cash to invest in a wider range of tools for the repair section of their shop. The ability to repair more types of bikes quicker broadened their reach and business began to increase. “It was a really useful cash injection”, Anthony added. “We’ve since repaid the loan and have topped up again to invest in our other outlets”.